IMF says Sri Lanka needs to talk with China about debt restructuring

LONDON - The International Monetary Fund said Sri Lanka should kick off debt restructuring talks with its bilateral lender China, while the island state's government seeks a financing loan from the Washington-based fund.

Six-time prime minister Ranil Wickremesinghe was recently appointed as president after a popular uprising ousted his predecessor following months of severe shortages of fuel, food and medicines.The country owes Beijing some US$6.5 billion in financing including development bank loans and a central bank swap, according to data from the Institute of International Finance.

Sri Lanka's foreign ministry and central bank did not immediately respond to a request for comment. China's embassy in Sri Lanka did not immediately respond. "There are some areas where we need to make further progress," Srinivasan added, but declined to specify the top reforms Sri Lanka should address in other to reach an agreement.

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IMF says Sri Lanka needs to talk with China about debt restructuringLONDON : The International Monetary Fund (IMF) said Sri Lanka should kick off debt restructuring talks with its bilateral lender China, while the island state's government seeks a financing loan from the Washingtonne-based fund. 'China is a big creditor, and Sri Lanka has to engauge proactively with it on China will happily oblige. What can Sri Lanka give in return? 10% debt is china, what about the rest?
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »